Reporting in Financial Reporting Compliance

In Financial Reporting Compliance provides a set of predefined reports organized into five categories.

Assessment Reports

• Assessment Details Reports - displays information about assessment conducted against selected objects.
• Control Assessment Report - lists controls and their related assessment activities in PDF format
• Control Assessment Extract - lists controls and their related assessment activities in Excel Format

Control Reports

• Control Details Report

Issue Reports

• Issue Details Report - provides information about selected issues, including the object against which each issue is raised, issue status and state, users who created or updated and when they did so, and other values.
• Issue Details Extract - provides similar information for export to an application such as Excel.

Risk Report

• Risk Control Matrix Report - lists risks, controls and related information: perspectives and other values
• Risk Control Matrix Extract - lists risks, controls and related information for export to Excel Format

Administration Reports

• Change history Report
• Pending Worklist Items Report
• Related Objects report
• Worklist Item Requiring Reassignment

Activating Email Alerts

Setup e-mail messaging in Financial Reporting Compliance users when tasks require their attention.

1. select the Enable check box in the E-Mail Alerts region
2. Select the test connection button to view a message that connectivity with your email server is established.
3. Create an email alert schedule

Issue Management and Lifecycle in Risk Management Cloud

Manage the Issue Resolution Process

The resolution of an issue includes these steps:

1. A User creates an Issue
2. A User with proper privileges validates the issue, either determining that it requires investigation, closing it or putting it on hold
3. If the issue is valid, a user with proper permissions determines whether a remediation plan is required for the issue to be resolved. If not, this user closes the issue.
4. If so the user creates or selects a remediation plan. Other users respond to the worklists to complete remediation tasks. The remediation plan is marked as complete and the issue is closed.

The Issue object records defects or deficiencies detected for risks, controls or assessments. Typically, you discover issues when you assess risks or controls. Typically, one user identifies an issue, another verifies it and another resolves it.

Raising an Issue

A user may raise an issue from several places:

• From an issue-management work area
• from the issues tab in the management page for an individual risk or control, create an issue specific to that object or review its details
• within an assessment of a risk or control

Resolving an Issue

Once an issue exists, the process of resolving it may include:

1. Validating the issue
2. Take appropriate actions to resolve the issue
3. Closing an Issue

Validating the issue

When an issue is created, a user may receive a worklist notification to validate if. This user may:

• Determine that it requires investigation.
• Determine that it does not require investigation, and close it
• Put it on Hold

To Receive a validation worklist, a user must be assigned a duty role called Issue Validator Composite. In effect, this user determines whether the issue is genuine, and so should be a user other than the one who creates the issue. However, the validation workflow is optional. If no user is assigned the Issue Validator Composite duty role, no validation worklist is issued.

Users with the Issue Validator Composite, or Issue Manager Composite duty role may oversee the validation and resolution of issues, and close them.

Closing an Issue

you can close an issue:

1. when it is resolved; when points of concern have been addressed
2. At any other time. You may, for example, determine during the validation step that the issue is invalid or cannot be resolved.

For more full-detailed Tutorials and Tips, check out #TheOracleProdigy at https://lifeofanoracleprodigy.blogspot.com/

Follow The Oracle Prodigy on Facebook (https://www.facebook.com/theOracleProdigy/) and Twitter (https://twitter.com/D_OracleProdigy)